Commercial Real Estate

What's New?

Retail

The current retail vacancy rate in Spartanburg is 4.1%. 

Over the past 12 months, 43,000 Sq Ft of new retail has entered the market, and 29,200K Sq Ft is currently under construction. 

The average price per square foot for lease is $13.20 with a year over year rent increase of 4.4%. 

Office

Office vacancy in Spartanburg is currently 4.5% with the average price per sq foot for lease at $20. Office buildings sell for an average of $131/ sq ft in Spartanburg.

The population growth in Spartanburg of 1.3% over the past 12 months will contribute to the growth in both the office and retail sectors. 

Source: COSTAR DATA

Leasing Industrial Property in Spartanburg, SC? Here's what you need to know

The recent rise in demand for industrial buildings coupled with the current economic uncertainty raises several questions regarding the industrial leasing market in Spartanburg, S.C.

2023 Industrial Real Estate Forecast in Spartanburg, S.C.

23 Industrial Real Estate Forecast in Spartanburg, S.C. Bank Failures Inflation High Interest Rates A Looming Recession. With swarming economic uncertainty , how is industrial....

Market Data for Spartanburg, SC

What are the current asking cap rates in Spartanburg, S.C.?

Source: Crexi Data

Let's Talk Industrial Real Estate

The Upstate currently has a strong industrial real estate market relative to historical trends and national averages, although there has been a slow down since 2022.  

Interstate access, affordable rents (Spartanburg’s industrial rents are around 40% less expensive than neighboring alternative markets like Charlotte, Atlanta, and Savannah), and the South Carolina Ports continue to drive industrial demand in the area.

The South Carolina ports contributed 63 billion dollars in economic impact last year, and 1 out of every 11 jobs in South Carolina are either directly or indirectly related to S.C. Ports. 

This Year VS Last Year: Where Are We?

Vacancy

Industrial vacancy rates have risen since last year. The Q2 2022 industrial vacancy rate was 3.2%. 

The estimated Q2 2023 vacancy rate is 8.2%.

There is a disparity in industrial vacancy rates among different square footage ranges. Although vacancy rates are higher than 12 months ago, there is a very strong demand for smaller industrial properties (50K sq ft and under) in the Upstate and in many other areas in the Sunbelt states. 

Price 

Industrial rents are still rising. 

12 months ago, the average industrial price per square foot was $5.56. The estimated Q2 2023 price is $6.14/ sq ft. 

The estimated Q2 2023 average industrial price per square foot is $69 a square foot (up from $61/ sq ft 12 months ago).

Industrial prices have more than doubled in the past decade. 

Ten years ago, the average price per square foot for sale was $32. The price per square foot to lease was $3.40/ sq ft with an annual rent growth of 2.6% (compared to the current 11.6% rent growth). 

Inventory

Spartanburg has the second largest industrial growth rate in the Southeast at 13.3%, with Savannah in first place.

In 12 months, Spartanburg’s industrial inventory has grown from 101M inv to 110M square feet. 

Source: COSTAR DATA

Featured Listings

Who We Are

McDaniel and Company is a multigenerational commercial real estate company located in Spartanburg, SC and has been in business for 41 years.

We take pride in our ethics and core values that have led to long term business relationships and repeat business.

Our Mission

To conduct real estate transactions using excellent service, professional knowledge, and sound ethics to enrich the lives of our clients and to contribute to the economic growth and development of the Carolinas. 

Our Vision

To be the best commercial real estate brokerage in our market area.

Our Core Values

• Serving Clients’ Best Interest
• Integrity
• Professionalism
• Respecting Public’s Best Interest
• Commitment to Economic Growth

Want to discuss? Connect with us!

446 Oak Grove Road, Spartanburg, SC

McDaniel and Company is one of the Upstate region’s leading commercial, industrial, multi-family, and investment property firms. We deliver on all levels. Our reputation and years of experience are factors you can count on.